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Hello my name is ***** ***** I will help you with this.
Does the property have an agent please?
No I deal directly with the landlord
Ok, what you can do is just hand the keys back - drop them through his letterbox etc
Then you are deemed to have given it up
He can't stop you giving the keys back
As you are aware you are liable for any costs associated with this
But if you hand the keys back the lease is deemed ended
Can I clarify anything for you about this today please?
I understand that I am responsible for losses with respect to the premises being unlet but he has to mitigate the loss.
Yes that is right
Currently it is a ten year lease at £100 per month. If a potential lessee offered less money and a shorter lease would he be required to take it in order to mitigate his losses? Assuming it was reasonable and at current market price.
Yes and you would be liable for the difference
If he accepted a lessee with a too low a valuation, say 50% of the current rent, what then?
Well it depends if he had other offers, if not then you are stuck
He has to mitigate.
As I have no assets to speak of, as I understand things, bankruptcy would solve the problem. I'd lose my credit cards have a little difficulty with my bank, but having nothing, I can't lose a lot. I rent my accommodation. Am I reading the situation correctly? I see no other options other to suffer years of debt.
How much are you likely to owe?
The lease is for ten years @ £1000/month. If it is relet in a few months, I can handle that. If it takes several months then, well, who knows?
Sure, if its more then £10k its worth going bankrupt. You are discharged after 5 years
1 year sorry
I've completed only six months.
Does that help?
I'm glad you corrected 5yrs to 1yr. At what point do I act. Currently I owe nothing.
Its up to you to make the decision.
But once you know what the debt is, at that point
Thanks. I can't think of anything else to ask. So I won't ask questions just "to get my money's worth."
Can I clarify anything else for you?
Not today thankyou.
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